Indian Real Estate: German Precision For Indianbulls
Indiabulls Real Estate and Zublin International GmbH, a subsidiary of Strabag SE, have put their signatures on a Memorandum of Understanding, for joint work on large infrastructure development projects in India.
With Indian economy going from strength to strength, it is becoming evident that the country's infrastructure needs massive overhauling and improvement to keep up with fast growth, a fact that offers immense development opportunities to builders and developers, alike.
Informing the Bombay Stock Exchange, Indiabulls confirmed, together with the German firm, a special purpose vehicle for executing these projects would be set up.
Considered one of Europes's main construction group, Strabag Group has a 53,000 strong employee headcount, including making an euro 10-billion turnover in 2006. Strabag, Dywidag, Heilit+Woerner and Zublin are some of the other brands, the German firm also works under.
And, in January this year, Strabag SEs Munich-based subsidiary, Dywidag International GmbH, a leading international consortium, bagged Delhi Metro Rail Corporation's contract for constructing a new 3.2-km tunnel, including two new underground stations.
The tie-up caused Indiabulls Real Estate shares to jump 6% cent on the BSE.
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